Kim Min-seok says virtual asset tax question must be resolved this year

Democratic Party of Korea leader Kim Min-seok said Thursday that the question of whether to proceed with virtual asset taxation "needs to be settled this year," signaling plans to accelerate internal party discussions. He said the party intends to conduct a final review with the government on whether to implement the tax as scheduled or make further adjustments to the regime.

Speaking on the YouTube program Minti07 that morning, Kim responded to a question about the party's stance on virtual asset taxation by saying the current position is to proceed as planned, but that voices calling for reconsideration have grown louder and more varied in recent weeks.

"I raised the issue on Wednesday, saying it seemed time for one final, focused review," Kim said, adding that differing views within the party had prompted him to call for a concentrated examination of the matter.

He said he also raised the issue with the government, telling the deputy prime minister, who visited Wednesday, to take a close interest in the matter and reach a conclusion after a final review.

Kim identified three key considerations surrounding virtual asset taxation: market conditions, the views of young investors, and whether the necessary tax infrastructure has been put in place.

"Even with the financial investment income tax, the president at the time — when he was party leader — went through a very long debate and ultimately ended up deferring it," Kim said. "Virtual assets have also been deferred several times, and the same questions apply: whether market conditions are sound, what young people are saying, and whether the system needed to actually levy the tax is ready."

On timing, Kim said more than two months remain in the year, but acknowledged that pinpointing a specific date was difficult given that budget discussions are currently the party's most pressing concern. "I do think we need to focus and get this discussed," he added.